Nevada King Doubles Land Package To 13,100 Ha At Atlanta, Initiates District-scale Csamt Survey

VANCOUVER, July 11, 2023 - Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to provide an update on its 100%-owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.

• The Company recently staked an additional 947 lode claims around the existing Atlanta land package, increasing total claims held to 1,562, covering 131 km² or 13,100 hectare (Figure 1).
  
  
• The land package now covers and creates a buffer around all high-priority gold prospects in and around the Atlanta district identified historically and by Nevada King through its geophysical, geological, and geochemical studies conducted since 2019.
  
  
• The Company has commenced a Phase II CSAMT (Controlled Source Audio-frequency Magneto-tellurics) survey, a low-impact, non-intrusive, ground geophysical survey method that provides critical information about geologic structure and lithology, particularly in debris covered terrain such is as at Atlanta.
  
  
• Nevada King initially conducted a 51 line kilometre Phase I CSAMT survey in 2022 that covered 8.3 km² centred over the current resource zone. Results outlined known structural features and faults and identified a number of new structures and high-priority targets at Atlanta, two of which led to the development of the East Ridge and South Extension Targets. Based on the CSAMT survey's high degree of accuracy with respect to locating mineralized structures, the Company has expanded the survey to 111 line-kilometres in order to cover potential distal target areas throughout the Atlanta district (Figure 2).
  
  
• The new CSAMT data will be integrated with 56 km² of detailed ground gravity, 119 km² of drone magnetic surveys and geochemical data as well as existing showings in order to enhance the existing exploration model. The Company anticipates releasing a detailed review of district targets at Atlanta in the coming weeks.

Cal Herron, Exploration Manager of Nevada King, commented, "Nevada King's initial interest in acquiring the Atlanta Project centred on the district-scale potential connected to hydrothermal activity localized around the perimeter of the Indian Peak caldera. Our drilling within the West Atlanta Graben target in late 2022 and early 2023 revealed potential for a much larger deposit hosted within the Tertiary volcanic section above the basement Paleozoic carbonates and quartzite. This West Atlanta Graben mineralization opened our eyes to the potential in the altered volcanic section west and south of the current Atlanta resource zone. Our district scale work has succcesfully identified numerous structural trends between various mineralized zones scattered across the district, thus occasioning the recent, major expansion in our claim holdings. The Company now possesses a substantial claim buffer zone outside of what we perceive to be the limit of volcanic-hosted mineralization around the Atlanta deposit."

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016, the Company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

The Company is well funded with cash of approximately $19 million as of July 2023.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled "Atlanta Property, Lincoln County, NV" with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company's profile on SEDAR (www.sedar.com).

Please see the Company's website at www.nevadaking.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the Company's ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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SOURCE Nevada King Gold Corp.